ASX subdued as miners and banks sink; New records for Xero, Wesfarmers

Summary

• The ASX 200 remains subdued but has improved after slipping by as much as 0.5% in early trade. Wall Street was mixed, with US futures narrowly ahead at 1pm AEDT 
• Iron ore shed 3.6% to $US154.37 a tonne. BHP, Rio Tinto and Fortescue Metals all fell in early trade
• The ACCC is taking Gloria Jeans and Donut King owner Retail Food Group to court, alleging unconscionable conduct and false or misleading representations in its dealings with franchisees
• APRA has eased its COVID dividend cap for the banks. From the start of 2021, banks will not be required to abide by a minimum level of earnings retention